The rise of the digital economy: Jobs and Readiness

The "digital economy" is a term for all of those economic processes, transactions, interactions and activities that are based on digital technologies. The digital economy is different from the internet economy in that the internet economy is based on internet connectivity, whereas the digital economy is more broadly based on any of the many digital tools used in today's economic world. (source-Techopedia)

Credits : Digital Economy

The global economy is undergoing a digital transformation as well, and it's happening at breakneck speed. Digital economy is the economic activity that results from billions of everyday online connections among people, businesses, devices, data, and processes. The backbone of the digital economy is hyperconnectivity which means growing interconnectedness of people, organisations, and machines that results from the Internet, mobile technology and the internet of things (IoT).

The World Economic Forum's Networked Readiness Index is a key indicator of how countries are doing in the digital world. It measures how well an economy is using information and communications technologies to boost competitiveness and well-being.

According to the Networked Readiness Index 2016, Top countries harnessing technology-

The digital economy permeates all aspects of society, including the way people interact, the economic landscape, the skills needed to get a good job, and even political decision-making. Emerging digital economy has the potential to generate new scientific research and breakthroughs, fueling job opportunities, economic growth, and improving how people live their lives.

According to Mr. Kok Chee Kean, a software engineer and worked as Junior college mathematics teacher-In digital economy, Applied mathematical analysis job is one of the opportunity. Because it will help to solve different type of simple and complex problems.

Another opportunity is game developers. Digital games market is projected to register a CAGR of 20% during forecast period (2020-2025). With smartphones and tablets, the digital realm is expanding and smart developers are taking advantage of the technology boom.

Mr Kok is among those who have sought a second career in the booming technology sector as country like, Singapore working on transforming into a digital economy.

According to recruitment consultancy Robert Half, new in-demand roles include those in software development, robotics process automation, big data analytics and information technology (IT) security.

Meanwhile, certain existing roles, such as business analysts and product managers, now require new skills like data analytics. Soft skills are also increasingly important, which include communication skills, as well as having a collaborative and adaptable mindset to cope with a rapidly-changing workplace.

The research suggested that China's transition to tech-driven supercities would create numerous opportunities for global investment. Smart cities will emerge as an early pilot project for telecom operators to monetize 5G investments, Morgan Stanley said.

To help Singaporeans handle new technology, the Government has rolled out a variety of initiatives that includes the two-day SkillsFuture for Digital Workplace courses that aim to help people gain foundational digital skills such as understanding emerging technology and data trends; as well as professional conversion programmes for those mulling a career switch.

NOT EVERYONE IS READY

TechSkills Accelerator (TeSa) have organized 'Tech Immersion and Placement Programme' in more than 93,000 training place. This has benefitted more than 5,000 companies in upskilling their existing workforce or employing trained local individuals in ICT.

But even with these options, not everyone is ready or as receptive to riding the digital wave. A 2019 survey by PwC showed one in five Singaporeans being concerned about the future impact of technology on their jobs. This put Singapore as the second-most anxious country in the 11-nation poll.

When asked why they felt nervous or scared, 58 per cent of respondents were worried about being made redundant by technology and 36 per cent feared about not having the right skills. Slightly more than half also thought that it is likely their roles will be made obsolete or significantly changed by automation over the next 10 years, the survey said.

Recent labour market data also seem to be showing the strains of a changing economy.

While total employment grew in the third quarter of 2019, the unemployment rate also crept up. This reflects the growing mismatch between jobs and skills available.

The top five roles that are finding it most difficult to hire are those in IT security, business intelligence, technology risk, cloud technology, and software and application development, according to research done by Robert Half.

OCBC's head of treasury research and strategy Selena Ling stated the rise of the digital economy is a global phenomenon, the pace of transformation is not something that can be controlled.

According to Professor Sumit Agarwal from the National University of Singapore (NUS) Business School : "Once the genie's out of the bottle, which is digitisation, we have to move in that direction. We can't stop."

"The only thing to do is how we can help workers to keep up."

MORE CAN BE DONE

According to Mr Imbert-Bouchard, Government should continue existing efforts like TeSA (TechSkills Accelerator) and the wider SkillsFuture initiatives, while the education system needs to evolve alongside the rapidly-changing technology landscape.

With the addition of more technology-centric programmes into the formal curriculum, according to OCBC's head of treasury research Ms Ling- education sector is now "a lot more plugged in with the general economic direction and industry needs".

The challenge remains on how to manage the digital push for the existing workforce, especially those that have a higher risk of lagging behind like the professionals, managers, executives and technicians (PMETs).

This is because PMETs typically develop deep skillsets required for their roles, which make it difficult for them to transit into other industries.

Those with higher financial obligations, especially middle-aged PMETs, also find it hard to accept lower-paying jobs, as per the DBS economist Irvin Seah mentioned in a 2019 report on how PMETs are "exceptionally vulnerable".

ADVICE FOR EMPLOYEES

Employees will also need to rise to the challenge, embrace new skills and stay ahead of the curve.

According to Ms Jaya Dass, managing director of recruitment firm Randstad in Malaysia and Singapore: "They recommend workers to actively keep up with the trends that are happening in their industry by participating in networking events and subscribing to trade reports. "

"These third-party interactions and learning can provide workers with new perspectives on how they can improve themselves to be prepared for the new digital economy and stay employable."

Workers can also schedule regular chats with their managers and colleagues about upskilling opportunities.

"If you are worried about not having technical skills, find out what resources are available, such as these boot camps. There are also courses online."

THEREFORE KEEP UP-TO-DATE YOUR SELF AND ACQUIRE NEW SKILL TO MOVE WITH DEIGITAL ECONOMY.......

Source: www.channelnewsasia.com, www2.deloitte.com, www.techopedia.com, www.weforum.org

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Source: www.channelnewsasia.com, www2.deloitte.com, www.techopedia.com, www.weforum.org